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Almost seven years on from the Brexit referendum, there remains uncertainty over the future UK-EU relationship. Reflecting on the lessons from the last seven years, Neil Kinnock argues there remains a clear case for the UK being an economic, political, social, scientific and cultural part of the Europe of the future.
I look back to 1973 as the post-war year when Britain accepted the loss of its empire and chose a new European destiny.
Jonathan Portes assesses the extent to which predictions about trade and migration before the Brexit vote have materialised, highlighting that trade has been reduced by additional barriers but the extent to which liberalisation would increase migration flows in the short term was underestimated.
Rejecting expertise and skill in favour of loyalty was always going to lead to this.
Six years after the referendum we can disentangle the evidence and judge the effects on health and care, says Richard Vize.
Immediately after the referendum, sterling depreciated. This brought forward the impact on household incomes of what would otherwise be a slow burn change for the UK economy.
While the picture’s hardly pretty and certainly not what advocates of Brexit envisioned, none of it surprises economists. As a former Bank of England official observed: “You run a trade war against yourself, bad things happen.”
Political distance from Brussels has been achieved. This is not up for question. However, economically speaking, there is vast room for improvement. The OBR calculates, in its current form, that Brexit is reducing our GDP by four per cent. This compares to around 1.5 per cent caused by Covid.
In September 2021, UK goods trade was 11.2 per cent, or £8.5 billion, lower than it would have been if the UK had stayed in the EU’s single market and customs union.
Fishing rows notwithstanding, much of Europe looks on at the UK’s plight with astonishment – and even, still, sympathy.